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222 IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER
<br /> 223 PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE
<br /> 224 COUNTY PROPERTY APPRAISER'S OFFICE FOR FURTHER INFORMATION.
<br /> 225 (f) Foreign Investment in Real Property Tax Act("FIRPTA"): If Seller is a"foreign person"as defined by
<br /> 226 FIRPTA,Seller and Buyer will comply with FIRPTA,which may require Seller to provide additional cash at
<br /> 227 closing.
<br /> 228 (g) 1031 Exchange: If either Seller or Buyer wish to enter into a like-kind exchange (either simultaneously with
<br /> 229 closing or after)under Section 1031 of the internal Revenue Code("Exchange"),the other party will cooperate
<br /> 230 in all reasonable respects to effectuate the Exchange including executing documents, provided,however,that
<br /> 231 the cooperating party will incur no liability or cost related to the Exchange and that the closing will not be
<br /> 232 contingent upon,extended, or delayed by the Exchange.
<br /> 233 11. Computation of Time: Calendar days will be used when computing time periods, except time periods of 5 days
<br /> 234 or less.Time periods of 5 days or less will be computed without including Saturday,Sunday,or national legal
<br /> 235 holidays specified in 5 U.S.C. 6103(a).Other than time for acceptance and Effective Date as set forth in Paragraph
<br /> 236 3,any time periods provided for or dates specified in this Contract,whether preprinted,handwritten,typewritten or
<br /> 237 inserted herein,which shall end or occur on a Saturday, Sunday,or national legal holiday(see 5 U.S.C. 6103)
<br /> 238 shall extend until 5:00 p.m. (where the Property is located)of the next business day.Time is of the essence in
<br /> 239 this Contract.
<br /> 240 12. Risk of Loss; Eminent Domain: If any portion of the Property is materially damaged by casualty before closing
<br /> 241 or Seller negotiates with a governmental authority to transfer all or part of the Property in lieu of eminent domain
<br /> 242 proceedings or an eminent domain proceeding is initiated, Seller will promptly inform Buyer. Either party may
<br /> 243 terminate this Contract by written notice to the other within 10 days after Buyer's receipt of Seller's notification,
<br /> 244 and Buyer's deposit(s)will be returned,failing which Buyer will close in accordance with this Contract and receive
<br /> 245 all payments made by the governmental authority or insurance company,if any.
<br /> 246 13. Force Majeure: Seller or Buyer will not be required to perform any obligation under this Contract or be liable to
<br /> 247 each other for damages so long as the performance or non-performance of the obligation is delayed,caused,or
<br /> 248 prevented by an act of God or force majeure.An"act of God or"force majeure"is defined as hurricanes,
<br /> 249 earthquakes, floods,fire, unusual transportation delays,wars,insurrections,and any other cause not reasonably
<br /> 250 within the control of Seller or Buyer and which by the exercise of due diligence the non-performing party is unable
<br /> 251 in whole or in part to prevent or overcome.All time periods,including Closing Date,will be extended for the period
<br /> 252 that the act of God or force majeure is in place. However,in the event that such act of God or force majeure event
<br /> 253 continues beyond 30 days,either party may terminate this Contract by delivering written notice to the other,and
<br /> 254 Buyer's deposit(s)will be returned.
<br /> 255 14. Notices: All notices will be in writing and delivered to the parties and Broker by mail,personal delivery,or
<br /> 256 electronic means. Buyer's failure to timely deliver written notice to Seller,when such notice is required by
<br /> 257 this Contract, regarding any contingency will render that contingency null and void,and this Contract will
<br /> 258 be construed as if the contingency did not exist.Any notice,document,or item delivered to or received by
<br /> 259 an attorney or licensee(including a transactions broker) representing a party will be as effective as if
<br /> 260 delivered to or received by that party.
<br /> 261 15. Complete Agreement; Persons Bound: This Contract is the entire agreement between Seller and Buyer.
<br /> 262 Except for brokerage agreements, no prior or present agreements will bind Seller, Buyer, or Broker unless
<br /> 263 incorporated into this Contract.Modifications of this Contract will not be binding unless in writing,signed or
<br /> 264 initialed, and delivered by the party to be bound.Electronic signatures will be acceptable and binding.This
<br /> 265 Contract,signatures,initials,documents referenced in this Contract,counterparts,and written modifications
<br /> 266 communicated electronically or on paper will be acceptable for all purposes,including delivery,and will be binding.
<br /> 267 Handwritten or typewritten terms inserted in or attached to this Contract prevail over preprinted terms. If any
<br /> 268 provision of this Contract is or becomes invalid or unenforceable, all remaining provisions will continue to be fully
<br /> 269 effective.Seller and Buyer will use diligence and good faith in performing all obligations under this Contract.This
<br /> 270 Contract will not be recorded in any public record.The terms"Seller,""Buyer,"and"Broker"may be singular or
<br /> 271 plural.This Contract is binding on the heirs,administrators,executors, personal representatives, and assigns,if
<br /> 272 permitted, of Seller,Buyer, and Broker.
<br /> 273 16. Default and Dispute Resolution: This Contract will be construed under Florida law.This Paragraph will survive
<br /> 274 closing or termination of this Contract.
<br /> 275 (a) Seller Default: If Seller fails,neglects,or refuses to perform Seller's obligations under this Contract, Buyer
<br /> 276 may elect to receive a r�,rn of Buyer's deposit(s)without thereby waiving any action for damages resulting
<br /> Buyer f )and Seller(-'/l �( )acknowledge receipt of a copy of this page.which is 5 of 8 pages.
<br /> VAC-1 Rev 8/24 ®2024 Florida Realtors®
<br /> Lice ed to Alta Star Software and 101844838.472086
<br /> Software and added formatting©2024 Alta Star Software,all rights reserved.-www.altastar.com-(877)279-8898
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